3.61% Checking Account at AL/TN/MS Bank (CB&S Bank)

POSTED ON MONDAY, NOVEMBER 9, 2009 BY Ken Tumin

Update 11/09/09: The top yield has fallen to 3.61% APY.

CB&S Bank is offering a new checking account called the Star Rewards Checking. It pays 3.61% APY on balances up to $25K (0.75% over) and provides automatic reimbursements of all ATM fees if the following requirements are met:

10 debit card purchases
1 direct deposit or ACH auto debit
receive electronic statements

Other features of the account regardless of monthly requirements include:

$100 minimum initial deposit
No minimum balance requirements
No monthly service charge

When I contacted the bank in 2006, I was told that no hard credit pulls are done; only ChexSystem is used when you open this account.

The CSR stated that you must visit a branch to open an account. Branches are located in several cities of Alabama, Tennessee and Mississippi.

The bank is federally insured by the FDIC.

Rate History:
11/01/09: 3.61% APY up to $25K; 0.75% over; 0.15% base
03/27/08: 4.41% APY up to $25K
12/09/06: 5.61% APY up to $25K; 1.01% over

Edit 7/18/09: Updated post with newer format.
Edit 2/22/09: Citizens Bank has changed its name to CB&S Bank.

Comments

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4 Comments.

Banking Guy | Feb 10, 2007 | Comment #1

There's a new link to the Star Rewards Checking account page.

Anonymous | Jan 7, 2009 | Comment #2

Nitpicking I suppose, but the middle tier is 1.01% APY and the bottom rate is 0.24% APY if requirements not met.

Anonymous | Feb 7, 2009 | Comment #3

Add ACH auto debit as a requirement.

Anonymous | Nov 4, 2009 | Comment #4

All rates dropped on Nov 1,'09: 3.61%, 0.75%, 0.15%. 19 months with no rate change - impressive.